It’s no surprise that a business owner will tell me that they’ve built their business from nothing, and prefer to handle their books themselves. I get it, you have to save money and watch every dollar. If you’ve never performed bookkeeping, this isn’t the time to start learning, when you’re exponentially growing your business. As you juggle the task of growing your business, while simultaneously trying to learn, and perform bookkeeping tasks’ it will cost you more than it saves you. The availability of do-it-yourself QuickBooks Products gives you a plethora of self-managing tools to conveniently run your business, but there is no tool that can substitute industry experience, knowledge, accuracy, and ACCOUNTABILITY. Without being well-versed in the complexities of accountancy, you run the risk of misrepresenting your books when you are solely relying on software and the data you put into your system. If you want to keep your books clean just remember:
- You can’t expect an accounting system to automatically know where each amount is to be classified, unless you set up a rule. Even if you set up a rule, are you giving it proper treatment in the form of a journal entry, accrual, and adjustment
- You can’t expect it to record your depreciation of assets or how to treat a contra account. I hear, “I reconciled my bank statement on my own, my books are in order”, but I have to ask:
- Are you confident your books are trued up through your P&L and your Balance sheet?
- Are you sure you know what is to be treated as an Asset, Liability, and Owners Equity?
- Are you properly assigning expense and asset accounts?
- Are you managing your depreciation schedule? Without the services of a bookkeeping pro, you may be missing out on tax credits and deductions your business is entitled to claim, thus leaving money on the table. Owners find that this more than pays for the expense of hiring a bookkeeper to handle their books.
You may not have the space of time or the financial resources to keep up with the ever-changing tax code, or understand how to apply bookkeeping & accounting practices. Your professional bookkeeper does. Note to yourself that, every moment you spend managing your books, you could be delivering new business, or marketing your business services, products, and building up your client relationships. Hiring out your bookkeeping services can free up your time to focus on what you do best – running your business. TheOfficeSquad has your back, your back office support, and importantly, your books. Myra Heins, owner, TheOfficeSquad Summerlin.